The five-year issue was priced at 170 basis points over the six-month Saudi interbank offered rate, the sources said.

The company, also known as Othaim Malls and part of family owned conglomerate Al Othaim Holding, began marketing the sukuk in early August, earmarking part of the planned proceeds to fund expansion plans.

Othaim Malls is building five shopping centres, three of which are likely to be completed by end of the year, with the rest finalised by the end of 2016.

A company source, who declined to be named, said the sukuk settlement was on Sunday.

The transaction was arranged by the investment banking arms of Banque Saudi Fransi, Gulf International Bank and National Commercial Bank.